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Author Topic: Why Ban Cryptocurrency with Zero Research or Consultation?  (Read 238 times)
Victorycoin
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June 14, 2018, 11:20:17 AM
 #1

My attention is drawn to this move by the authorities in India and I can't help wondering, why such desperation to ban something that's being celebrated by its citizens and even authorities in other climes? Is this not a clear manifestation of governments caring less about what the people truly want?

I was looking at cryptocurrency as a leveler for the developing countries, but it's disappointing most of them can't even see beyond their nose and instead are busy trying to reinvent the wheels.

https://www.ccn.com/indias-central-bank-banned-cryptocurrency-with-zero-research-or-consultation/
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June 14, 2018, 12:27:36 PM
 #2

They have their own group consultation inside the organization itself like they meet and have met have all discus regarding cryptocurrency, what are the impact of this one, what will happen in the future, they have consulted their group but they never consulted their costumer and cryptocurrency expert outside the business circle.
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June 14, 2018, 01:45:02 PM
 #3

They have their own group consultation inside the organization itself like they meet and have met have all discus regarding cryptocurrency, what are the impact of this one, what will happen in the future, they have consulted their group but they never consulted their costumer and cryptocurrency expert outside the business circle.

Actually, no. If you read the original story at all you'd have seen that RBI admitted that it did NOT do any research at all prior to the ban, despite asserting previously that it would set up a body dedicated to such information gathering.

This has been the one legal beauty of India's Freedom to Information Act. You ask and the government is required to provide answers.

What was surprising is how vulnerable they left themselves with that admission. The U turn has to be likely now, and they mustbe aware of the damage already done (businesses moving out of the country for example).

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June 14, 2018, 01:50:04 PM
 #4

My attention is drawn to this move by the authorities in India and I can't help wondering, why such desperation to ban something that's being celebrated by its citizens and even authorities in other climes? Is this not a clear manifestation of governments caring less about what the people truly want?

I was looking at cryptocurrency as a leveler for the developing countries, but it's disappointing most of them can't even see beyond their nose and instead are busy trying to reinvent the wheels.

https://www.ccn.com/indias-central-bank-banned-cryptocurrency-with-zero-research-or-consultation/
It seems to me that everything is very simple. All developing countries are heavily dependent on credit. All loans are issued in dollars. It seems to me that the Americans are blocking attempts to legalize the use of cryptocurrencies and blackmail them to deprive loans. I think it is, but we'll never know.
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June 14, 2018, 01:51:52 PM
 #5

It's possible they don't have the resources for research and have deemed that it would be more beneficial to simply not deal with it. This way, they minimize the potential harm (in their minds at least), and keep collateral damage to a minimum because not many people use crypto anyway. It's an incredibly irresponsible move for sure because governments at least have to do their due diligence.

I'm guessing most other countries that have banned it haven't done much research either. They likely got caught up in the ponzi and bubble talk. It's sad, but I believe they'll come around once crypto's utility fully establishes itself.

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June 14, 2018, 03:19:06 PM
 #6

It's possible they don't have the resources for research and have deemed that it would be more beneficial to simply not deal with it. This way, they minimize the potential harm (in their minds at least), and keep collateral damage to a minimum because not many people use crypto anyway. It's an incredibly irresponsible move for sure because governments at least have to do their due diligence.

I'm guessing most other countries that have banned it haven't done much research either. They likely got caught up in the ponzi and bubble talk. It's sad, but I believe they'll come around once crypto's utility fully establishes itself.
There would really be a possible re-consideration or change of decision into the future and i agree on what you had said which for most countries who banned crypto didnt research thoroughly on it and just being cuaght up with the hype and negative news on it thats why they do made such decision without even thinking on whats on the possible benefits of it into their vicinity.
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June 14, 2018, 06:46:33 PM
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We cannot blame the whole government of India as we can only blame people who are given a high position in their Government without them knowing what they will properly do with cryptocurrencies. In this instance we see that their Central Bank is the root cause of the Government of India's lack of support with the cryptocurrencies. Seeing their Central Bank ordering banks and financial institutions to prohibit any accounts related to cryptocurrencies is an example of a dumb order given by their central bank, a dumb order because their reason is that cryptocurrencies are related to criminal activities. This is an example of a wrong man given a authoritative power. He/She only thinks that what is running on his mind is also what is good for their country which is the wrong move for any man with a authoritative power.

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June 14, 2018, 07:50:15 PM
 #8

I would expect nothing less from a country willing to ruin its own population by screwing with their cash, let alone their long standing restrictions on gold. India may one day be a super power, but it's run like a shithole and it may add decades to its ascendence purely because of mediocre government.
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June 14, 2018, 07:54:41 PM
 #9

Well that's a stupid move from RBI, imagine a Central Banks making a decision that will affect a lot of its constituent without any proper research and consultation. But the problem I think is that the government is really afraid of the negative sides or the effect of crypto that's why they decided a out right ban on it. Specially the idea that bitcoin is being used by criminals. They know that its going to be hard for them to control and check once crypto gets out of hand. But I'm sure that the government bans doesn't have the support of the majority that's why it has been tested and challenge in the court.

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June 14, 2018, 10:26:07 PM
 #10

My attention is drawn to this move by the authorities in India and I can't help wondering, why such desperation to ban something that's being celebrated by its citizens and even authorities in other climes? Is this not a clear manifestation of governments caring less about what the people truly want?

I was looking at cryptocurrency as a leveler for the developing countries, but it's disappointing most of them can't even see beyond their nose and instead are busy trying to reinvent the wheels.

https://www.ccn.com/indias-central-bank-banned-cryptocurrency-with-zero-research-or-consultation/
I think the Indian government are up to something and they didn't find any good at legalizing bitcoin in their country. Fraud may be the main reason to it since it is reportedly all over the place since some of them found what is bitcoin.

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June 14, 2018, 10:55:56 PM
 #11

Well that's a stupid move from RBI, imagine a Central Banks making a decision that will affect a lot of its constituent without any proper research and consultation. But the problem I think is that the government is really afraid of the negative sides or the effect of crypto that's why they decided a out right ban on it. Specially the idea that bitcoin is being used by criminals. They know that its going to be hard for them to control and check once crypto gets out of hand. But I'm sure that the government bans doesn't have the support of the majority that's why it has been tested and challenge in the court.
With that much desperation, I find it hard to believe that the move was all about preventing crimes, rather I see it as some calculated moves to  bury Bitcoin and all its enviable potentials, so that their manipulative local currencies could stand a chance

Nevertheless, I am impressed by the Freedom of Information Act in India as it can be the people's voice after all.
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June 15, 2018, 12:51:28 PM
 #12

The same question interested me. I guess I have to thank you for opening this thread.
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June 15, 2018, 01:01:17 PM
 #13

With that much desperation, I find it hard to believe that the move was all about preventing crimes, rather I see it as some calculated moves to  bury Bitcoin and all its enviable potentials, so that their manipulative local currencies could stand a chance

It's not even the government's handiwork. It was their central bank's. I'd say that means there's a very slim chance it has anything at all to do with crimes (not involving money laundering, etc.) or their prevention, because that's not their directive anyway.

I'm sure some banks see Bitcoin as a threat, but I'm also convinced this case has more to do with ignorance than that fear. They've admitted that much. They've been hearing that it's bad, so they'd rather not deal with it.

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June 15, 2018, 06:59:23 PM
 #14

More importantly,I wonder why people don't appeal bans against cryptocurrencies with zero research and consultation? they have legal right to appeal something which humiliates their constitutional rights,especially when its about property right.Population have right to do everything to achieve their financial goals,everything which is not immoral and risky for public safety,So very interesting thing why do central banks make actions like this? what are the legal grounds?
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June 15, 2018, 08:48:12 PM
 #15

Maybe that's because BTC was becoming worth more than the rupee, which got them scared? It's a reaction comparable to what a three star hotel owner feels when a 5 star opens nearby. It's not going to take away his clients, because it's aiming at a different, wealthier customer, but the fear remains and is illogical.
The Chinese are slowly starting to break and it looks like the ban won't hold for long in there. In time India will change too.

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June 15, 2018, 09:07:26 PM
 #16

It's not even the government's handiwork. It was their central bank's. I'd say that means there's a very slim chance it has anything at all to do with crimes (not involving money laundering, etc.) or their prevention, because that's not their directive anyway.
Central banks are agents and mouth piece of the government, they're simply one and same.


Quote
I'm sure some banks see Bitcoin as a threat, but I'm also convinced this case has more to do with ignorance than that fear. They've admitted that much. They've been hearing that it's bad, so they'd rather not deal with it.
Commercial bank are in business to make profits and I have no doubt they understand what's in Bitcoin for them, but their masters = the governments won't let them be or the pursuit of revoking their license takes center stage.
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June 15, 2018, 11:05:13 PM
 #17

 Banning Cryptocurrencies with Zero Research or Consultation might be as a result of personal interest of protecting a business( product or service) that is in the same line of business as existing  cryptocurrencies which are proving to be popular, and having to let crypto coexist means losing money.

Some of these decisions might be as a result of being a member country of some regulation board and this could be the requirement to be followed by all 

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June 15, 2018, 11:21:18 PM
 #18

Banning Cryptocurrencies with Zero Research or Consultation might be as a result of personal interest of protecting a business( product or service) that is in the same line of business as cryptocurrencies and having to let crypto coexist means losing money
The U.S. government learnt a big lesson the last time they tried to protect American auto manufacturers from their Japanese counterparts. Now they no longer preach protectionism but competition instead, because that's the tonic that brings out the best and today very bulky cars are fast disappearing from car stands in the U.S.
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June 16, 2018, 02:49:33 AM
 #19

The reason why most Government bans Cryptocurrency is because they see it as non-profitable. The transaction of bitcoin is not within the scope of their power to be taxed. In this way they if it cant be taxed they ban it, but if it can be regularize or be taxed they would welcome on legalizing it.
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June 16, 2018, 03:59:44 AM
 #20

Its really impossible to ban cryptocurrency without any consultation to the expert. Maybe big businesses in India see a huge threat on cryptocurrency and this is why they tell their government to make action on this, it can really be a personal interest and if this news is true people in India must not panic and hold on your coins.

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